Powder Coatings Market Size Worth USD 18.1 Billion by 2030, at 7.2% CAGR - Report by Market Research Future (MRFR)
Powder Coatings Market Insights and Industry Analysis by Substrate (Metal and Non-Metal), By Resin Type (Thermoset [Epoxy Polyester Hybrid, Polyester, Epoxy, Polyurethane, Acrylic and Others] and Thermoplastic [Polyvinyl Chloride (PVC), Nylon, Polyolefin, and Polyvinyl Fluoride (PVF)]), By Coating Method (Electrostatic Spray Coating, Fluidized Bed Coating, Electrostatic Fluidized Bed Process and Flame Spraying), By Application (Consumer Goods & Appliances, Automotive & Transportation, Architecture & Furniture, Construction Equipment and Other and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
New York, USA, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Powder Coatings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Powder Coatings MarketInformation by Component, Type of Management, And Region - Forecast till 2030”, the market is estimated to grow at a 7.2% CAGR to reach USD 18.1 Billion by 2030.
Compared to other coatings, powder coatings have many benefits, including uniform thickness, cheap operating costs, instant availability, minimal VOC emission, and outstanding appearance. Due to the lack of solvents in powder coatings, there is very little VOC emission into the atmosphere, which lowers the risk of combustion while application and storage. Additionally, the powder is easily removed from human skin after coming into contact with it, lowering the risk to workers' health. Traditionally, powder has only been used to cover specific automobile components, like the chassis and engine parts.
Coating additional car parts, such as engine blocks, coil springs, radiators, bumpers, shock absorbers, and mirror frames, are becoming increasingly common. As a result, the need for powder coating in the automotive industry has been rising. Faster manufacturing and lower operational costs are changing the automotive sector thanks to powder coatings. Additionally, they provide consumers with an unbeatable value proposition. The transition from traditional liquid coatings to powder coatings is happening quickly for auto-body exteriors. Due to their resistance to corrosion and abrasion, powder coatings are employed in automotive applications.
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|Market Size in 2030||USD 18.1 Billion|
|Historical Data||2019, 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Type of Management, And Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Growing demand for powder coatings in the various end-use industries such as automotive, aerospace, consumer goods & appliances.|
|A surge in the demand for medical devices and increasing automobiles production are the major factors driving the growth.|
Market Competitive Landscape:
The central players in the powder coatings market are:
- Axalta Coating Systems Limited (U.S.)
- TCI Powder (U.S.)
- Kansai Paint Co.Ltd (Japan)
- Nippon Paint Holdings Co. Ltd (Japan)
- The Sherwin-Williams Company (U.S.)
- Berger Paints India Limited (India)
- BASF SE (Germany)
- Jotun (Norway)
- Akzo Nobel N.V. (Netherlands)
- DSM (Netherlands)
- Asian Paints PPG Pvt Limited (India)
- PPG Industries Inc.(US)
- Among others.
Market U.S.P. Covered:
Over the projected period, developing countries like India, China, Brazil, and Mexico may expect a significant increase in the manufacturing of autos and a boom in demand for medical gadgets. Additionally, a high product adoption rate in the furniture industry due to its superior performance, low operating costs, availability of colors, and unique qualities, including anti-corrosion and anti-bacterial activities, would propel market expansion. A growing population and rising disposable income among customers have increased the demand for goods, including furniture, gadgets, industrial and home appliances, agricultural machinery, and automobiles. Engine parts, pipes, fixtures, metal components utilized in home appliances, and other surfaces are all coated with powder. As a result, there is a rising need for powder coatings in these nations due to increased demand for finished items.
There is no liquid carrier present in these coatings. It can deliver denser coatings in this way compared to traditional liquid coatings. Applying thick, texture-free coatings is reasonably easy; applying smooth, thin films is less so. Due to the molecular size and glass transition temperature of these coatings, the film becomes more and more orange-stripped as its thickness decreases. As a result, producing thin films using this coating is challenging, which is expected to restrain market growth over the forecast period.
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COVID 19 Analysis
The outbreak of COVID-19 affected the supply of the raw materials needed to make powder coatings. The principal producers of these coatings and suppliers of their raw materials are Asian nations like India, Singapore, China, Japan, and Thailand. The recent coronavirus outbreak in the Asia Pacific region has impacted the distribution of these raw materials. One million tons of resin are exported from China each year to the global market, making it one of the top resin suppliers. The output of paints and coating goods has decreased due to the disruption in the raw material supply. End users won't purchase pricey coating techniques like polyurea and polyurethane from retailers and distributors due to COVID-19.
To maintain their business growth following the COVID-19 pandemic, powder coatings companies concentrate on high-growth applications like general metals, metal furniture, farming, building, earthmoving equipment (ACE), automotive, architecture, and appliances. Due to the many advantages powder coatings provide over competing materials, the industry is predicted to rise. The distributor's paints and coating materials shipments are impeded due to the stoppage of building and construction operations.
By substrate, the market includes metal and non-metal. By application, the market includes automotive & transportation, architecture & furniture, construction equipment, and consumer goods & appliances. By resin type, the market includes thermoset and thermoplastic. By coating method, the market includes fluidized bed coating, electrostatic spray coating, electrostatic fluidized bed process, and flame spraying.
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Consumer goods, I.T., telecommunications, and retail have all experienced significant growth in the growing economies of the Asia-Pacific and MEA areas. This growth has increased product demand. Soon, the rising number of consumer products firms in China, Singapore, and India will accelerate market growth. Over the next few years, it is anticipated that rising demand for automobiles, including cars and commercial vehicles, in developing nations like China, India, and Brazil, as well as replacement or spare parts in developed nations like the U.S. and the U.K., will propel the powder coating industry.
The application of powder coating for architectural purposes, such as aluminum extrusions used in kitchen windows, building facades, doorframes, and other architectural components, is anticipated to increase as infrastructure development proceeds in China and India. However, throughout the projection period, powder coating demand in architectural applications is anticipated to be constrained in Asia-Pacific due to the significant preference for anodized aluminum extrusion. The U.S. automotive industry is predicted to expand, and worries about VOC emissions from coatings used in car manufacturing are expected to grow. Additionally, it is anticipated that increased powder coating use in Mexico's vehicle industry will result from rising automobile production and a shift in manufacturing from the European Union. Over the forecast period, rising automotive production in the European area is anticipated to increase demand for powder coating in automobiles.
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